IMF / WEO PRESSER

17-Apr-2018
00:01:42

International Monetary Fund (IMF) chief economist Maury Obstfeld told reporters in Washington today that the “present good times” in the global economy “will not last for long, but sound policies can extend the current upswing while reducing the risks of a disruptive unwinding.” IMF

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2. Wide shot, IMF officials before briefing on World Economic Outlook
3. Med shot, photographers during briefing
4. SOUNDBITE: (English) Maury Obstfeld, Research Department Director, International Monetary Fund (IMF):
“The current cyclical upswing offers policymakers an ideal opportunity to make longer-term growth stronger, more resilient and more inclusive. The present good times will not last for long, but sound policies can extend the current upswing while reducing the risks of a disruptive unwinding.”
5. Wide shot, journalists
6. SOUNDBITE: (English) Maury Obstfeld, Research Department Director, International Monetary Fund (IMF)
“Our strong message at this meeting is, there’s a multilateral system, let’s use it. Let’s proceed in a collaborative way, rather than a conflictual way because that will ultimately be in everyone’s interest. There’s not going to be any winners coming out of a trade war.”
7. med shot, journalist asking question at briefing
8. SOUNDBITE: (English) Maury Obstfeld, Research Department Director, International Monetary Fund (IMF):
“There are also some plans afoot to further open China’s financial sector to foreign investment. We think that’s very positive, not only from the standpoint of increasing competition but from the standpoint of opening the economy more generally to international trade, which is something that we think would go far to improve the efficiency of the global trading system and to defuse some of the current trade tensions.”
9. Med shot, journalists
10. Wide shot, IMF officials at end of briefing

STORYLINE

International Monetary Fund (IMF) chief economist Maury Obstfeld told reporters in Washington today (17 Apr) that the “present good times” in the global economy “will not last for long, but sound policies can extend the current upswing while reducing the risks of a disruptive unwinding.”

Speaking at a press briefing for the launch of the IMF’s World Economic Outlook (WEO), Obstfeld said the broad-based expansion that started in 2016 continues. After 3.8 percent global growth last year, the WEO forecasted 3.9 percent growth this year and next year.

WEO reported that the global economy continues to edge higher amidst a generally sunny outlook, but there are building risks to that growth trajectory.

Obstfeld urged policymakers to exploit the opportunity to take measures to bolster the global economy.

The chief economist said, “The current cyclical upswing offers policymakers an ideal opportunity to make longer-term growth stronger, more resilient and more inclusive. The present good times will not last for long, but sound policies can extend the current upswing while reducing the risks of a disruptive unwinding.”

The biggest threat to that continued growth is if countries put up protectionist trade barriers, according to the IMF report.

Obstfeld stressed, “Our strong message at this meeting is, there’s a multilateral system, let’s use it. Let’s proceed in a collaborative way, rather than a conflictual way because that will ultimately be in everyone’s interest. There’s not going to be any winners coming out of a trade war.”

The chief economist praised policymakers in many countries who have adopted reforms, including China. Obstfeld said leaders in Beijing have taken important steps, including work to improve the oversight system to rein in credit growth and to make the quality of growth higher and more stable.

“There are also some plans afoot to further open China’s financial sector to foreign investment. We think that’s very positive, not only from the standpoint of increasing competition but from the standpoint of opening the economy more generally to international trade, which is something that we think would go far to improve the efficiency of the global trading system and to defuse some of the current trade tensions.”